News

NeutraHealth announces board shake-up

17 June 2008 11:40:00

NeutraHealth, which sells and distributes nutraceutical products, announced a management shake-up and also acquired a private label vitamin business, funded by the sale of its over the counter medicine arm.

It has appointed Ray Myers as chief executive, replacing Michael Toxvaerd, who becomes deputy chairman with immediate effect.

Meanwhile, chairman Martin Gatto has decided to step down at the end of August 2008. NeutraHealth has initiated a search for a replacement.

The group has acquired Perrigo UK limited, which manufactures and packages vitamins and minerals for high street retailers, for £6.4m.

The purchase will be funded by the disposal of its over the counter medicine business to Perrigo UK Acquisitons, a subsidiary of US firm Perrigo Inc, for £6.2m.

"The board considers that the potential growth and synergies created by the Perrigo UK Limited acquisition will provide the opportunity to generate profits that significantly exceed the profits of the disposed OTC business, and will lead to substantial enhancement of earnings in 2009," said NeutraHealth.

The group said that it continues to make progress and expects to report results in line with market expectations.

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